A Comprehensive Guide to Getting Started with Iress on TMGM

Whether you’re a new trader looking to dip your toes into the markets or an experienced investor seeking a robust online trading platform, Iress on TMGM (The Mauritius Global Market) offers a best-in-class solution.

As one of the most innovative and user-friendly platforms available, Iress provides the tools and technology to trade shares, derivatives, forex, and more across global markets – all from a single login.

Choosing the Right Account

When getting started on the Iress platform through TMGM brokers, one of the first decisions you need to make is which account type suits your requirements:

• Cash account – The basic account suited to casual and infrequent traders. No margin/leverage provided.
• Margin account – Allows you to borrow funds from the broker to increase buying power. Margin requirements apply.
• Derivatives account – Gives access to derivative instruments like futures, options, warrants, etc. Higher-risk products.

Margin and derivatives trading comes with additional risks, so make sure you understand the implications before proceeding. A cash account provides simpler access for beginners.

Opening Your Trading Account

Opening an account with an Iress broker on TMGM only takes a few minutes. You will need to provide the following details for your Trading Account:

• Personal information – Name, contact information, employment details, etc.
• Bank details – Transactions to and from your trading account.
• Tax file number – For Australian residents, companies, and trusts.
• Identity verification – Documents like passport, driver’s license, etc.

The broker account application includes all required forms and guidance. Read the fine print carefully to understand terms around commissions, data fees, interest charges, etc.

Funding Your New Account

Once your TMGM trading account application is approved, you need to transfer funds to activate the account. Most brokers provide details for:

• Electronic funds transfer (EFT) – Transfer from your Australian bank account. Takes 1-3 days.
• Bpay® – Common option for Aussie retail investors. Can take longer.
• International wire transfer – For overseas investors. Involves SWIFT transfers.

Keep an eye out for any wire fees charged by your bank or broker. Funds need to clear before you can commence trading.

Downloading and Setting Up Iress

The Iress trading platform is provided by your broker either online or you need to download MetaTrader 4 and install software:

• Web-based (Iress Web) – Browser-based with full functionality. Easy accessibility.
• Windows (Iress Trader) – Desktop client with advanced features. Ideal for active traders.
• Mobile (Iress Mobile) – App-based access from Android/IOS devices. Trade on the go.

First-time users should log in online to set up password recovery options, and notifications, and personalize other settings. The layout editor lets you customize modules and widget placements.

Spend some time getting familiar with the platform’s extensive capabilities before putting real money at risk. Paper trade if unsure.

Placing Your First Trade

Once logged in, you can start executing trades right away by:

• Click on ’New Trade’ from the toolbar
• Using the Matrix module to scan for opportunities
• Leveraging alerts for price movements

Key elements for your first trade order:

• Symbol – Stock ticker code (e.g. CBA.AX)
• Quantity – Number of shares
• Order type – Limit, market, stop, etc.
• Side – Buy or sell
• Price – Share price or trigger levels
• Term – Day order or good-till settings

Review carefully before placing an order. Modify or cancel if required prior to execution.

Installing Market Data Fees

Apart from broker commissions on executed trades, you may incur market data fees just for accessing quotes and price feeds on Iress. These include:

• Level 1 – Basic top-of-book data. Limited depth.
• Level 2 – Full depth-of-market across exchanges. For active traders.
• International Data – Real-time data from Asian/US markets.

These are often optional based on your usage requirements. Costs can apply even if not trading actively. Check your broker’s pricing schedule.

Expanding Your Trading Toolkit

While Iress offers exceptional scope and capabilities for trading from day one, exploring its full range of features can enhance your market experience.

• Charting – Customisable technical analysis across assets.
• Automated strategies – Code bots directly linked to markets.
• Global access – Trade international products across markets.
• Advanced orders – Stop losses, OCO, trailing, IFD, etc.
• Instrument analytics – Options analysis, probability calculator, PDS portal for warrants, and ETF research via Solactive.
• Custom coding – Develop indicators, columns, alerts, and functions through App Studio. Works across device platforms.
• Account management – Portfolio tracker, holding valuations, account balances, and equity curves.

Make use of available demo environments to experiment safely as you expand your capabilities.

Getting Help Along the Way

Even experienced traders can find themselves stuck or have questions at times. Iress provides integrated market education and product support.

• Iress Forum – Online user community. Learn from or help others.
• Help manual + videos – Dedicated reference for platform navigation.
• Technical support – Broker provided support teams.
• Webinars & Events – Join virtual training and expert talks.

Monitoring the Forum gives insight into best practices from active traders discussing everyday situations.

Conclusion

In conclusion, combining powerful technology with multi-market access and a usable interface for all levels of expertise, Iress aims to provide a seamless and intuitive trading environment. 

By following this starter guide, both new and returning users can ensure they extract maximum value from the platform when trading via TMGM brokers. The journey of a thousand trades starts with a single stock, so take that important first step in joining a community of savvy global investors.

Disclaimer: For more interesting articles visit Business Times.